On the above weekly chart price action has corrected 98% in a downtrending channel since February 2021. A number of reasons now exist to be long, including:
1) Price action and RSI resistance breakouts.
2) Price action exits a near 2 year consolidation.
3) Price action confirms a trend reversal with the first higher low higher high since 2020.
4) The downward channel or Bull flag confirms a breakout. The flagpole extension measures out at 8600%.
Is it possible price action corrects further? Sure.
It is probable? No.
Ww
Type: trade
Risk: <=6%
Timeframe to take a long position: This month
Return: 5000%